Loading ...Gold Bulls gain
I am on the fence for being bearish on Gold. The $USD 104 is lost and might see 100 before turn. $Silver still has more work to do and need a BO above 24.25 approx and then get a BO above 26. Miners seems to have a bullish posture. Even though it is still within the FLAG … it could SPIKE-BO today/tomorrow and follow through.
The $GOLD chart below shows that FORK resistance failed as BT but still has some Horizontal resistance up to 1920-ish.
I am on the fence for being bearish on Goldminers and its’ bull can last either some weeks or few months and is possible although on the longer Term I remain Goldminers bearish. In general I am ALWAYS bullish on the PHYSICAL despite its’ price.
So Bulls you GO GO … but still need some more pushing to do! PM at MAKE/BREAK point.
Added: light-blue cycles in the chart shows the potential GOLD is TOPPING and gives slightly alternate view for the bear scenario going forward. Due to recent $GOLD strength I am on the fence; neither (paper) bearish nor bullish. GL.
My best schatting here, and only that for now, is that we just finished wave 3 of an impulse, and are now in a messy unpredictable 4th wave correction.
One more high will follow. Silver to 25 spot or that sort of thing.
I suspect when energy prices hit a floor, then resume their climb, all H will break loose, along with rates and the broader Risk Off move. So watch natty, crude and the VOLs for clues as to what the indices and metals will do.